A serious week of ups and downs on the stock market the past week. In a previous post we had talked about bouncing off of support levels which the TSX indeed did and continued upwards however midway through the week the bounce off of support ended and back down the markets went but on Friday, as we were testing the support level again, it fell through although came back towards the end of the day to once again confirm the support level. So we’ve now tested and confirmed the stock market price levels twice. In technical analysis, the more times you successfully confirm support and resistance levels the stronger they become. We’ll continue to keep an eye on the fundamental news for the coming week, and if it’s mostly positive then expect this to be a good buying week.

The Canadian penny stocks mentioned this past week were MAA.TO, WPX.TO. Western Potash ended where they started the week.

MagIndustries (MAA.TO) has pulled back after the news release which is to be expected as it’s common for profiting taking after the big run up in price. The next big target date for this company is now July so expect a lot of sideways pricing from here on out. (MAA.TO $0.50).

What to watch this coming week. Here are a few penny stock ideas to look at this week.

IEE.V – $0.16 – iseemedia Inc. (iseemedia) is focused on the commercialization of advanced, adaption and delivery solutions for wireless applications. The Company operates in the technology sector, and carries on development, technology integration, and marketing and sales. On the wireless front, the Company has completed development cycles for iseedocs and iseemail. The Company’s digital imaging solutions are focused at digital camera and mobile camera phone manufacturers. The iseemail solution provides accesses to enterprise and consumer emails from Microsoft Exchange, Lotus Domino, Gmail, Yahoo! Mail, AOL, Hotmail and others. The iseedocs mobile viewer can handle common document and media file types from Microsoft Office applications like Word, Excel and PowerPoint to image, audio and video files. The Company’s 70%-owned subsidiary, RealBiz360 Inc. provides marketing services, virtual tour tools and other services for real-estate brokerages, and agents.

ENA.V – $0.41 – Enablence Technologies Inc. designs, manufactures and sells optical components, subsystems and systems to a global customer base. The Company is organized along two divisions: Optical Components and Subsystems division (OCSD), and Systems division (formerly FTTx Networks Division). The core competencies of OCSD are design and integration of planar lightwave circuit (PLC)-based optical transceivers and custom integrated solutions; production of PLC-based arrayed waveguide grating devices; production of PLC-based reconfigurable switching devices, and production of advanced photodiodes. On May 5, 2008, the Company acquired Wave7 Optics, Inc. (subsequently renamed as Enablence USA FTTx Networks Inc.). The Systems division, through Enablence USA FTTx Networks and other subsidiaries, provides fiber-to-the-home (FTTH) systems that deliver voice, video and data services over fiber optic lines. On November 18, 2008, it acquired Pannaway Technologies Inc. (renamed as Enablence Systems Inc.).

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